4 04_05 The management board THE MANAGEMENT BOARD Thomas Richterich Chief Executive Officer Responsible for finance, controlling, engineering, personnel, legal, communications, IT. Born in 1960, studied business administration, 1989 joined MAN Group, various management functions held at MAN Gutehoffnungshütte AG, commercial director at Ferrostaal Industrial Plant Services GmbH, Babcock Borsig AG various management functions, 2002 commercial director at Babcock Borsig Power GmbH, since 2002 member of the Management Board of Nordex AG, since 2003 spokesman of the Management Board, since August 2005 chairman of the Management Board (CEO). Ulric Bernard Schäferbarthold Chief Financial Officer Responsible for finance and accounting. Born in 1970, studied economies, auditor and tax consultant at Warth & Klein, , head of finance and accounting at Nordex AG, since April 2007 CFO at Nordex AG Carsten Risvig Pedersen COO Sales and Marketing Responsible for sales and marketing, tender management and non-domestic companies. Born in 1963, studied economics, executive shareholder of Nordex GmbH, Management Board member of Nordex AG since 2001 Dr. Hansjörg Müller COO Operations Responsible for production, procurement, project management, service and quality. Born in 1966, studied technical business administration, 1993 joined the Siemens Group, where he held various management positions at the Siemens Nixdorf Group, head of Government/Public Sector Clients at Siemens Business Services, project manager at Roland Berger Strategy Consultants in the restructuring competence center for mechanical and plant engineering clients, member of the Nordex AG Management Board since The Nordex Management Board (from left): Dr. Hansjörg Müller, Thomas Richterich, Carsten Pedersen, Bernhard Schäferbarthold.

5 LETTER TO THE SHAREHOLDERS Ladies and Gentlemen, Today we can look back on one of the most successful years in the history of our Company. In the period under review Nordex outgrew the market for the third year in succession. Average annual revenue growth has stood at around 51 percent since In the year under revue sales increased to EUR 747 million with our business increasingly moving abroad. Exports contributed almost 90 per cent. This involved considerable effort in setting up corporate structures in the new growth markets. This was the case, for example, in China, where Nordex has established two new factories. Today a good 400 employees work for the Group in the Far East. And we have also considerably enlarged our teams in the UK and Italy, where we have gained a market share of 34 and 14 percent, respectively. However, we do not measure success by sales growth alone. A key factor for me is that we must also improve the profitability. And in this we have been successful. For instance, in fiscal 2007 we improved our operating profit by 142 percent to more than EUR 40 million and increased return on sales from 3.2 to 5.4 percent. Here we were helped by the situation on the market, in which we concentrated on the more profitable projects. On the other hand, Nordex was able to realize economies of scale. In my view, the low level of capital employed to finance this strong growth in operations is particularly gratifying. The so-called working capital ratio remained steady at the low level of 2.3 percent. This is principally due to large advance payments for orders for short-term delivery. In addition to this, Nordex received some EUR 121 million in reservation fees for master contracts over the next few years. This meant that net liquidity increased to EUR 212 million. The large amount of cash in hand also reflects the increase in capital successfully concluded in July, where we realized issue net proceeds of some EUR 74 million. This means that we are ideally equipped to grow profitably this year, too. The benchmark remains plus 50 %. The projects for this are secured by our order backlog of almost EUR 3 billion until the end of However, it is difficult to give a precise projection because of uncertainties surrounding final building permits for some projects. Our sales target for 2008 is between EUR 1.2 and 1.0 billion. Depending on whether we reach the upper or lower end of this bandwidth, we anticipate return on sales of between six and eight percent. For 2011 management is sticking with its target margin of nine to twelve per cent and a sales level of between EUR 2.5 and 4.0 billion. With this growth outlook in mind, in January 2008 we launched the expansion of our factories in Rostock. This will be followed by new buildings and extensions in China and the United States. By 2011 we plan to approximately quadruple our capacity to 4,500 MW per annum and push further into the new growth regions of North America and China. Sincerely yours, Thomas Richterich Chief Executive Officer

7 REPORT OF THE SUPERVISORY BOARD During the period under report the Supervisory Board fulfilled the obligations required of it by law. It regularly advised the Management Board on matters relating to the management of the Company and monitored management operations. The Supervisory Board was directly involved in all decisions of fundamental importance for the Company. The Management Board informed the Supervisory Board about the situation of Nordex AG and its subsidiaries, business trends and all material business transactions in the form of regular written and oral reports. In the course of 2007, the Supervisory Board held four ordinary meetings on a joint basis as well as on repeated occasions in its committees (Management Committee, Audit Committee, Strategy and Technology Committee). Further resolutions were passed by written vote. The reports and consultations entailed all material business transactions, particularly financial planning, the cost and earnings situation, order risks, the performance of the individual subsidiaries, capital spending planning, the Company s international expansion into new markets as well as key personnel decisions. MAIN TOPICS OF DISCUSSION BY THE SUPERVISORY BOARD At its 26th ordinary meeting of March 30, 2007, the Supervisory Board primarily discussed Nordex AG s parent-company financial statements and consolidated financial statements for fiscal This meeting was also attended by the financial-statement auditor, who particularly went into detail on the main aspects of the audit. This related to guarantee provisions, the situation of material procurement and delivery obligations undertaken vis-à-vis customers. In this connection the measures necessary for the planned expansion of capacity were also discussed. Subsequently the Management Board reported on trends in order intake, progress made in localizing activities in China and current financial planning. The topics here were also longterm financing requirements with regard to working capital, capital spending and guarantee requirements. The Supervisory Board then appointed the former Head of the Finance division, Mr. Schäferbarthold, as CFO. Hitherto the Chairman of the Management Board had performed this office in addition to acting a Chairman.

8 08_09 Report of the Supervisory Board Ahead of the annual general meeting on May 15, 2007, the Supervisory Board held its 27th ordinary meeting, Here the Management Board explained the business trend in the first quarter of 2007, which was slightly above target in terms of new business and earnings. The quarter was characterised in turn by large advance payments received and reservation fees. Regarding the situation on the buy-side markets the Management Board referred to plans by suppliers to expand their capacity. Following approval of major orders subject to approval requirements, the financing concept for the extension of the Rostock facility was discussed. In the view of the Management Board this should be accompanied by an increase in capital. Subsequently the introduction of a new bonus system for management staff was discussed and approved. The aim of this measure is to bind important staff to the company in the long term. At the 28th ordinary meeting on September 11, 2007, the Management Board initially reported on the business performance in the second quarter of Order receipts increased to some EUR 700 million in this period. New business was characterised by increasing margin contributions. As production capacity was not able to keep up with demand, some inquiries then had to be turned down. The equity ratio increased to 48 per cent in the wake of the successful increase in capital. On the other hand, working capital increased as a result of larger inventories for short-term orders. Pressure was put on earnings as a result of the postponement of projects and start-up costs in new markets. Regarding activities in China the Management Board presented the latest report on the status of local procurement. This was followed by a discussion of the external procurement of bottleneck components for the whole Group. In addition to this, the Management Board reported on the status of negotiations on extended credit lines, mainly in the area of guarantees for the long-term hedging of the growing business volume. On November 27, 2007, the Supervisory Board held its 29th ordinary meeting. Here the Management Board initially reported on current business performance in the third quarter of New business increased further to EUR 963 million as at October 2007 with margin contributions by projects above target. In terms of sales, it was pointed out that postponed projects would have to be processed in the fourth quarter and that if winter started early, the risk would lie primarily in the areas of transport and installation. Furthermore, provisioning requirements for potential project and product risks were discussed. The subsequent item on the agenda related to the budget for fiscal Here the focus was on the capital spending budget. Further topics were the development of activities in China and the extension of the Rostock facility. In this connection a resolution was passed to purchase the real estate for the first building phase. Next the Supervisory Board and Management Board discussed options for extending the internal value chain. The Supervisory Board decided that the focus of the audit of financial statements for fiscal 2007 should be on Nordex UK Limited, among others.

9 Composition of the Supervisory Board There were no changes to the composition of the Supervisory Board in the year under review. Disclosures pursuant to Section 171 (2) Sentence 2 in connection with Sections 289 (4); 315 (4) of the German Stock Corporation Act (new version). The Supervisory Board deliberated with the Management Board on disclosures in accordance with Sections 289 (4); 315 (4) of the German Commercial Code (new version) It came to the conclusion that these disclosures are true and complete. Audit of the Group financial statements The financial statements of Nordex AG and the consolidated financial statements for the Nordex Group for the year ending December 31, 2007 as well as the combined management report for Nordex AG and the Nordex Group for fiscal 2007 including the bookkeeping were audited and granted an unqualified auditor s certificate by auditing company Ernst & Young AG, Wirtschaftsprüfungsgesellschaft, which had been appointed at the annual general meeting on May 15, 2007 and engaged by the Supervisory Board. Similarly, the auditor examined the dependant parties report and approved it without any complaints. The financial statements, the consolidated financial statements and the combined management report for Nordex AG and the Nordex Group, the annual report, the dependant parties report and the auditors report concerning the financial statements and the dependant parties report were presented to all members of the Supervisory Board in good time prior to the meeting of April 07, 2008 at which the financial statements were was approved. The documents were discussed at length at the meeting, which was also attended by the auditors signing the auditors report, who were also available to answer questions. The Supervisory Board and its Audit Committee approved the findings of the audit. The Supervisory Board examined the financial statements of Nordex AG and the consolidated financial statements as well as the combined management report for Nordex AG and the Nordex Group and the dependant parties report. No objections were raised on the basis of the final results of its audit. The Supervisory Board approved the parent-company financial statements and consolidated financial statements prepared by the Management Board for the year ending December 31, Accordingly, these have been duly adopted. The Supervisory Board wishes to express its gratitude and acknowledgement for the work performed by the Management Board, other management staff, all employees as well as the employee representatives. Norderstedt, April 7, 2008 The Supervisory Board Yves Schmitt Chairman

10 10_11 The stock THE STOCK In the year under review, Nordex stock (ISIN: DE000A0D6554) advanced by 133 %, rising from EUR to EUR and thus substantially outperforming the TecDAX, which gained around 30 % in fiscal The Nordex stock price also performed better than average compared to the five other listed turbine manufacturers. Only one Danish competitor was able to boast a comparable gain in value. The stock hit a high of almost EUR 39 on November 7, Nordex securities came under above-average pressure as a result of the subprime crisis in North America. This high level of volatility was already a feature of the stock when the price rose at the beginning of the year. Nordex s overall positive performance was driven principally by the profitable growth of its operative business. For instance, in the course of the year Nordex increased new business and sales by a high double-digit figure while at the same time raising profitability. In addition to this, market prospects brightened thanks to new national and international targets for the development of renewables. Analysts also attribute the performance of the share partly to speculation about an imminent consolidation of the sector following the takeover battle for a competitor. In May Nordex had reported that its main shareholders, Goldman Sachs und CMP Capital Management-Partners, were looking into a possible sale of their shares. NORDEX AG SHAREHOLDER STRUCTURE Free float 46.1 % Total number of share: 66,845,000 CMP 25.6 % Goldman Sachs 16.7 % HypoVereinsbank 4.1 % Nordvest A/S 3.9 % HSH Nordbank 3.6 % The above disclosures are based on the most recent notifications submitted by shareholders in accordance with the German Securities Trading Act. Under this Act, changes in the holdings of shareholders are not subject to compulsory reporting after the execution of transactions causing the reporting thresholds to be exceeded or dropped below (following the Transparency Guideline Ratification Act (TUG) taking effect on January 20, 2007: 3, 5, 10, 15, 20, 25, 30, 50, 75 %). Accordingly, the actual number of shares held by the Company s shareholders may differ from the figures stated in the above table. Most recent notifications of shares under the reporting threshold of 3% are not shown separately but are assigned to free float.

11 In fiscal 2007 a total of four major investment banks started coverage of Nordex. These were Lehman Brothers, Crédit Agricole Cheuvreux, Goldman Sachs and Merrill Lynch. This increased attention on the international financial markets. Nordex reacted to the increased interest of potential investors by taking part in investor conferences at financial centers in Europe and overseas. Investor Relations also informed private investors about the company s performance in many one-to-one discussions and via specific PR work. Shareholders took a positive view of these activities. As an example of this, in a survey of readers conducted by the investor magazine Börse Online Nordex came in second on the subject of Best Investor Relations The brisk demand for shares in the renewables sector induced the Deutsche Börse to launch the Öko- Dax in the late summer. This index covers the ten German industrial companies in this segment with the highest market value and Nordex is the only representative of the wind industry. Various banks have already issued index certificates and further increased sales of the stock. On July 19, 2007, Nordex issued 2.5 million new shares within the framework of an increase in capital. The issue was oversubscribed within a short period of time. Nordex plans to use the net proceeds of around EUR 74 million to extend its factories. NORDEX VS. TECDAX 300 % Nordex TecDax

12 12_13 The fiscal year at a glance THE FISCAL YEAR AT A GLANCE 01 January 2007 Nordex starts the new year with a large order from Scotland worth EUR 60 million. On January 24 the Company opens a new facility in Dongying, China. Here rotor blades for the 1.5 MW machines are manufactured over an area of 8,400 square metres. The French power plant group Areva submits a takeover bid for the wind turbine manufacturer Repower. At this time Areva is already Repower s largest shareholder with a stake of 30 %. February 2007 Suzlon and Matifer, the second largest Repower shareholders, outbid Areva with a counterbid for Repower. 03 March 2007 Nordex signs further large orders in England, Italy and, for the first time, in Turkey. Overall, this means new contracts for projects worth more than EUR 200 million. The countries of the European Union decide to reduce their greenhouse gas emissions by 20 % by the year 2020 based on 1990 as the reference year. This is intended as a follow-up arrangement to the Kyoto Protocol. The protocol stipulates an 8 % reduction by the year At the same time the share of renewables in the EU is to rise to 20 % of total energy volume. Effective April 1, 2007, Nordex AG s Supervisory Board appoints Bernard Schäferbarthold to the position of Chief Financial Officer (CFO) of the Company. Up until that date, CEO Thomas Richterich had additionally been acting as the Company s CFO key account Babcock & Brown. April 2007 In the first quarter of 2007 sales increased by 20 %, as planned, and net profit rose by 80 %. Nordex signs its largest ever master contract. Projects with a total capacity of 640 megawatts are to be supplied for its

13 05 and CMP Capital Management-Partners, mandated an May 2007 Nordex returns to Sweden in triumph and obtains two orders worth a total of almost EUR 50 million. The two principal Nordex shareholders, Goldman Sachs investment bank to investigate a possible sale of the Company s shares. June 2007 In order to re-enter the North American market Nordex installs an N90/2500 US in Hewitt, Minnesota, which is adapted to American climate and grid conditions. The first larger projects are to be agreed on following successful tests. In 2009 the constructi- 06 on of factories in the United States is on the agenda. Together with the regional government, Nordex announces capital spending of some EUR 86 million at the Rostock headquarters. Here capacity is to be approximately trebled. 07 use primarily to finance factory extension. July 2007 In the first half of 2007 Nordex raised sales by some 30 % and doubled pre-tax earnings to EUR 15.3 million. Nordex completes an increase in capital of 2.5 million new shares. This generates proceeds of around EUR 74 million, which the Company plans to August 2007 Nordex presents its latest turbine development at the sector s trade fair Husum Wind. The so-called N100/2500 is a 2.5 MW turbine that has been optimized for inland locations with a rotor sweep 23 % larger than the N The French power station group Alstom acquires the Spanish wind turbine manufacturer Ecotécnia. September 2007 Further major international orders for Nordex: customers from Italy and China order wind turbines with a capacity of 80 MW. Areva, the loser in the battle for Repower, takes over Multibrid, the developer of an offshore machine. October 2007 A further large order worth more than EUR 100 million comes from Italy. 10 The Chinese government announces wide-ranging measures to promote an environment-friendly growth course. Energy savings and modernisation of its power plants (also using renewables) are on the agenda. The utility RWE announces plans to invest at least one billion euros in renewables as of November 2007 The demand from China continues to grow for Nordex: regional utilities sign contracts with the Company for the construction of two 50 MW wind farms. The Company announces further capital spending at the Windpower Shanghai trade fair. Follo- 11 wing successful tests of the US-N90, Nordex signs a major order with BP Alternative Energy for a 150 MW wind farm, to be installed in the United States in December 2007 The United States postpone the decision on prolonging the PTC (tax credit for producers of renewables, which is limited until December 31, 2008). The German government presents a cabinet bill for an amended Renewable Energies Act. According to this, the offshore remuneration rate is to be raised to 14 cents per kwh. Operators of modern onshore turbines are to receive up to 8.7 cents/kwh. 12 meter hybrid tower (concrete/steel) especially for At the same time Nordex receives an undertaking for delivery of the first commercial offshore wind farm in Germany. For the first time, Nordex installs a 120 inland wind farms. The largest operator of wind farms Iberdrola floats its wind subsidiary Renovables in order to generate further capital for growth. The issue is oversubscribed many times over. Hansen Transmissions, the second largest manufacturer of wind gearboxes, conducts an IPO with the same aim in mind.

14

15 NUMBER OF NORDEX TURBINES WORLDWIDE: 3,270. TOTAL NOMINAL OUTPUT: 3,900 MW. VOLUME OF CO 2 EMISSIONS AVOIDED: AROUND 7 MILLION TONS A YEAR. UTILIZING THE AIR AND KEEPING IT CLEAN IS ALSO A WISE RETURN ON INVESTMENT.

16 16_17 Economic conditions

17 NORDEX AKTIENGESELLSCHAFT, ROSTOCK COMBINED MANAGEMENT REPORT FOR NORDEX AG AND THE NORDEX GROUP FOR ECONOMIC CONDITIONS In the year under review the global economy remained stable, international gross domestic product (GDP) rising by 5.2 % in fiscal 2007 according to preliminary VDMA figures. This favorable performance is due above all to above-average economic growth in emerging markets such as China (up 11 %), India (up 9 %) and Russia (up 7.5 %) Against this backdrop the developed economies in the EU (up 2.9 %) and the United States (up 1.9 %) formed a solid basis. A moderate rise in interest rates on the financial markets did not have any noticeable negative impact on the economy. Even the American subprime crisis, which put the capital market under pressure in the fourth quarter of 2007, has not (yet) reached the nonmonetary economy. However, at the moment it is not clear whether further depreciation will put a brake on growth. So far banks have written down some USD 100 billion in this connection. According to Standard & Poor s, further losses of up to USD 165 billion are possible. The wind industry also continued to record a robust demand. According to preliminary surveys by the Global Wind Energy Council (GWEC), in 2007 some 20,000 megawatts (MW) in new capacity were installed worldwide (2006: 15,000 MW), equivalent to 33 % growth. Many of the projects completed in the year under review were already ordered from the manufacturers in REGION 2007 GDP EU 2.9 % Germany 2.6 % North America 1.9 % China 11.0 % India 9.0 % World 5.2 % VDMA 12/2007

18 18_19 Economic conditions

19 MARKET DEVELOPMENT BY REGION IN 2007 COUNTRY NEW MW IN 2007 NEW MW IN 2006 CHANGE CUMULATIVE MW North America 5,244 2, % 16,800 China 3,500 1, % 6,000 EU 27 8,554 7, % 56,500 Others 2,800 3, % 14,700 Total 20,098 15, % 94,000 of which: Spain 3,515 1, % 14,800 Germany 1,667 2, % 22,300 France % 2,500 Italy % 2,720 UK % 2,330 offshore % 1,090 (Source: GWEC 2008) The strong demand, which continues to outstrip new building capacity, increased massively, basically for the following reasons: The cost of producing electricity by power stations driven by fossil fuels has risen dramatically due to an increase in the cost of fuel. For instance, since 2004 the price of crude oil has increased by a factor of 3.2, from USD 29.6 to USD 100. This was brought about by a drop in oil reserves, a surge in demand in the emerging markets of China and India and concern about a shorter supply against the backdrop of increasing political tensions in the production regions. An increasing number of countries are imposing strict conditions on the emission of greenhouse gases. For instance, in the coming allocation round for the European Emission Trading Scheme (ETS) the member states of the European Union plan to issue many fewer emission rights and, above all, no longer free of charge. If rights trading become obligatory worldwide and the price per ton of CO 2 emitted rose to around EUR 30, electricity from wind energy would have lower production costs than coal and gas-fired power stations (source: EER). The certificate price on the electricity exchange currently stands at EUR 19 per ton (source: EEX, February 2008). The governments of more than 20 US states have set clear targets for the amount of energy fed in from regenerative sources. However, as yet these so-called Renewable Portfolio Standards (RPS) do not included any sanctions for exceeding targets or, for instance, the purchase of emission certificates. Comparable instruments also exist in China, where the government plans to cover some 10 % of electricity demand using regenerative sources in 2010 and 15 % in At the moment the figure stands at 8 % (including hydroelectricity). However, the effect of controls is greater in China as the utilities are state-owned. The remuneration structure for the statutory feed-in systems in force in Germany and France, for example, were adjusted last year.

20 20_21 Economic conditions The 33 % increase in new turbine construction in the wind industry exceeded the expectations of market observers, whose projections of power station expansion were more conservative. This is particularly in case for North America, China and Spain. Business in the United States is dominated principally by utilities and other major power station operators. Although the so-called PTC (Production Tax Credit) for producers of green electricity is currently in force until the end of 2008, at the moment there are no indications of a drop in the demand for new wind farms. For one thing, many market observers expect the scheme to be continued in some form and a decision on this could still be taken in the first half of For another, most of the project plans should still turn a profit even without the tax credit. The capacity of newly installed turbines in United States stood at an average of 1.65 MW in the year under review. For Nordex this opens up good opportunities for selling its 2.5 MW technology to American customers in large numbers. The demand in China is being driven mainly by the enormous growth of the economy. The country is trying to meet the demand for additional sources of electricity as far as possible on the basis of domestic energy sources. These are primarily coal-driven and hydroelectric power stations. However, the government is also increasingly drawing on wind energy. According to the National Development and Reform Commission, NDRC, the highest state planning authority, the government has to invest around USD 280 billion by 2020 on developing green power stations in order to meet its target of increasing the share of renewables to 15 % by the year The state utilities are already acting on the basis of this target. For foreign suppliers local value-added structures are essential in order to have a chance in NDRC tenders. With the exception of Spain, the markets in Europe developed as expected. The strong growth in Spain (up 120 %) was triggered by an amendment to the electricity feed-in rates (Decree 661/2007) in May As the new arrangements did not take effect until January 2008, project developers brought their investments forward and implemented as many mature projects as possible in the year under review. Whereas new construction in Germany, at a high level, declined again (down 25 %), new installations in Italy rose sharply (up 45 %). The key to this contrary trend was the market price level in the respective countries. Feed-in prices for green electricity were high in Italy (electricity market price plus green certificates) while the rates in Germany dropped. The German government has recognized this and plans

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